Moving in with someone requires a great deal of trust and commitment. It is a massive step to take and whether it’s a success or not will be dependent on how open you are with each both in regards to personal and financial issues. At first there may be a few teething issues; however these can often be solved by simply talking things over. Problems where money is involved can become much more serious which is why it is vital that you are both transparent and honest regarding all things finance related.

Worryingly, research has shown that more than one in five partners hold money in private accounts that their other partner are not aware of. Keeping partners in the dark about your money can put your relationship in real jeopardy. Throughout this article there will be a handful of finance related topics that you should speak to your partner about prior to moving in together.

What kind of money person are you?

Traditionally there are only two types of people when it comes to money; savers and spenders. Savers are much more forward thinking they want to save as much as they can and are motivated by long term financial goals such as mortgages, their children’s higher education and even retirement homes. Spenders on the other hand have one thing in mind having received their pay packet; spending. At the end of the day, when moving in together, it doesn’t matter if one of you is a saver and the other is a spender, as long as you are mutually aware of each other’s spending habits and comfortable that this won’t cause any problems later down the line.

Do you have any debts?

This is probably something you should have spoken about before, however if not it is very important that you make each other aware of any personal debt you may have. Moving in together without a mutual understanding of each other’s financial situation could put your relationship and indeed each other’s finances at risk. By making each other aware of any debt on credit cards, overdrafts or personal loans you can budget accordingly and work together in order to get debt free.

Are you going to get a joint account?

One mistake many couples make when moving in together is thinking it’s compulsory to have a joint account for everything – this doesn’t have to be the case. The fact that you are living together doesn’t have to have any bearing on the way in which you deal with your finances. Some couples will even keep their finances completely separate and simply have an agreement of who pays for what. For example, one may pay the rent while the other covers all food and general living costs.

Conclusion

Speaking about your finances prior to moving in together is a must. The main aim of this conversation should be to answer the question; ‘can we afford to move in together?’ Naturally, before you can answer this question you need to have an idea of how much it is going to cost you/ save you each month – so do your research.

When discussing finances it may be a good idea to draw up a budget by writing down all sources of income and outgoings (not forgetting future accommodation costs).  If you do decide that moving in together is the way forward then make sure you are open and honest with each other regarding all things finance related.